The tech-heavy Nasdaq surged on Tuesday as bad news receded for the market.
NAS 100: Daily Chart
The NAS 100 jumped from above 15,000 to 15,414 on Tuesday. There is some resistance here, but the market may move to 15,800 next.
The Nasdaq tech stock index jumped over 2% on Tuesday as investors saw some blue skies emerging from a recent grey outlook.
The Chinese stimulus efforts may take time to appease investors, but they show the Chinese government is willing to take additional actions. Investors have also been pleased that the Chinese property sector has shown no further signs of stress in recent weeks.
On the domestic front, consumer data was weaker than expected in the US, with the consumer confidence index coming in at 106 after expectations of 116.
Investors preferred to look ahead to the tech heavyweight stocks, with Apple announcing its latest event on Sept. 12. The company is expected to unveil its new iPhone 15 models, along with new versions of the Apple Watch and a possible cheaper version of the ear pods.
The iPhone 14 was the most-shipped smartphone in the first half of this year, according to Omdia. Apple’s iPhone 14 Pro Max shipped 26.5 million units, while there were 21 million unit shipments for the iPhone 14 Pro.
Analyst Ming Chi-Kou said that Apple could surpass Samsung in 2024 for total smartphone sales after the Asian tech giant lowered its forecast to 220 million units.
Google also hosted an event on Tuesday that unveiled a premium AI version of its Duet tool, which will be incorporated into its products such as Google Docs and Sheets. The price of the product is $30 per month, putting it in direct competition with Microsoft’s 365 Copilot AI, which has the same price tag.
